Wednesday, August 22, 2012

Rupee up 16 paise against dollar in early trade

Mumbai, August 22, 2012 (PTI)

The rupee today gained 16 paise to 55.41 against the US dollar in early trade, extending its rising streak for the third straight session at the Interbank Foreign Exchange as the American currency weakened against euro overseas.

Dollar selling by exporters and banks also supported the rupee, dealers said.

Euro rose to a seven-week high against the American currency overseas on easing euro-zone worries on hopes that the European Central Bank will act to rein in surging borrowing costs, they added.

The local currency had gained 16 paise to close at one-week high of 55.57 against the dollar yesterday in line with firm equities amid sustained selling of the American currency by exporters.

Meanwhile, the BSE benchmark index Sensex fell by 84.97 points, or 0.47 per cent, to 17,800.29 in early trade today.

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